Commonwealth Bank’s surprise takeover offer for dealer group Count Financial is being seen as the first of many such deals as the industry consolidates with the looming government reforms.

Count Chairman Barry Lambert says the Future of Financial Advice (FOFA) reforms are already leading to consolidation within the industry.

He says the group had hoped to be an acquirer, but uncertainty about the legislation meant it was not able to act.

“While the offer from Commonwealth was unsolicited, in light of the regulatory uncertainty and our goal to see Count continue to prosper as a champion of accountant-based advisers, the directors and I believe we should put this offer to shareholders for their approval,” he said.

“Key to our recommendations is our belief the bank understands the Count business and intends to maintain it as a stand-alone business in its wealth management division.”

The Count brand is also to be retained, and if the takeover proceeds, Mr Lambert will become non-executive chairman of the group.

Commonwealth has offered Count shareholders either $1.40 in cash or the same value in bank shares. The offer values Count at $373 million.

The number of Commonwealth advisers will also swell to more than 1850 making it the second-largest group in the country after AMP.

Count makes most of its revenue from providing wealth advice, although its insurance inforce premiums for the year ending June 30 were $47.5 million, up 13% on the 2010 financial year. Insurance new business grew by 16% during the 12 months ending June 30.

A spokesman for CommInsure told insuranceNEWS.com.au it’s too early to say what impact the takeover will have on product distribution for the insurer.

Mr Lambert, who has a 17.74% stake in the dealer group he founded in 1980, has said he will accept the offer and other family members who hold another 20% will also vote in favour.

Subject to the necessary regulatory and court approvals, the takeover is scheduled to be completed by December 7.